Testnet to Mainnet
With the overwhelming support from the community during the Testnet phase, we are getting closer to the Mainnet Beta launch!
Mainnet Sneak Peeks
With developers tackling tasks to optimize for learnings and experiments from the testnet, we expect the Mainnet Beta will be ready by the end of this year! Here are a few exciting things to expect from us!
- Introduction of Machine Learning to supplement Collective Intelligence
- Real-time Full Collection Pricing
- Reward and Reputation mechanism optimization
Testnet Revisit
What happened in our testnet? Let’s take a walk down memory lane of what we’ve accomplished and learned during the testnet phase.
During the Testnet phase, we’ve successfully launched a couple of Pricing Quests to engage with the Price Expert community to put our protocol design through experiments. In general, the Pricing Quests are requests for valuation posted by platform users. Price Experts offer answers to pricing quests posted by Price Seekers.
Pricing Quests:
- Members from the Price Expert Community were invited to help evaluate value of numbers of BAYC in July and August
- July: Top 1–10 on the leaderboard of the most popular Pricing Quest shared a USDT 500 Prize Pool
- August: Top 100 Price Experts who earned the most Reputation Tokens during the month shared a USDT 1,000 Prize Pool
Here’s a detailed recap of the Pricing Quests.
Learnings
- Information required for Price Experts to make good judgment
We observed some users’ bias favoring the floor price from the testnet experiments. Users from interviews and research have indicated they would want more data to help them make better judgment. A new interface with more historical transaction and traits data will be implemented to help users efficiently and thoroughly evaluate each NFT’s value.
- Incentive alignment
Experiments from the testnet also helped us better understand user behavior and biases. , In the upcoming mainnet, our Reward and Reputation scoring mechanism will be updated to further reinforce and align economic incentives for community contribution.
- Value benchmarking and standardization
We also discovered confusion over the valuation date. In the testnet, users are asked to estimate the value of an NFT as at a particular date. Unaware of the requirement, many users estimate NFT values at market condition at time of submissions,resulting in discrepancy between users who submit at various times.
Our pricing mechanism is being updated to take user inputs in real time prices and convert all estimates into premia to floor price. For example, a user valuing ETH 150 for an NFT when the collection floor price was 100 ETH will be considered as a value of 1.5x premium to floor price.
- Gamification
Lastly, the need for Gamification for a more enjoyable experience. We understand that users enjoy testing NFT knowledge and winning rewards. A popular recommendation is to offer a greater reward in a more challenging and competitive game that will be more entertaining and engaging. Therefore, we are developing a competitive pricing game with much larger and more exciting rewards.
- High-caliber Partnerships
Through validation and showcases of our testnet, the appeal of decentralized valuation has been gaining traction!
Many partners are realizing centralized valuation is incompatible with Web3 and DeFi . In light of that, we are getting interest from new partners such as lenders and exchanges such as https://www.usecyan.com/. We can’t wait to share the many more exciting partnerships in the pipeline!
- Machine Learning and Instant Valuation
We have also discovered some partners’ requirements for instant valuation to meet time-sensitive business objectives like client servicing and loan originations. A proprietary machine learning model to collective human intelligence for scale and speed is in the works and will be released together with our Mainnet Beta.
Not only will our Machine Learning model support partners with instant valuation, Machine Learning will also be offering insight and guidance to identify rare NFTs that require human evaluation and provide the community with detailed information and guidance to make better collective judgment. More updates are coming soon!
Stay Tuned
As always, we are thankful for your continuous support as well as many lessons learned. We may be close to the ending of this chapter but here’s to many more new and exciting milestones to look forward to!
Please stay tuned for more details on the above and many more exciting feature updates and partnerships leading up to the Mainnet Beta launch.
